Quitting His Job with Real Estate After Cracking the Cash Flow Code

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 20 November 2024

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Want to quit your job with real estate investing? Rookie investor Miller McSwain has a strategy anyone can copy to make serious cash flow. This investing strategy is rookie-friendly and allows you to learn the real estate investing ropes while making serious money. Miller now has six properties with forty-one units in total, and today, he’s sharing this easily repeatable strategy for quickly building wealth. Miller will be the first to tell you that his “coliving” strategy is not rocket science. He should know—he’s a former rocket scientist. After house hacking and renting out the rooms in his home, he realized how much cash flow the rent-by-the-room strategy makes. But instead of buying houses with as many rooms as possible, he began focusing on community living and homes with inviting common spaces, allowing for higher rents. So, how do you start with this strategy? Miller explains, in detail, precisely what makes a great coliving investment property, how to market your rooms to get the most tenants possible, and what to do when conflict arises between roommates. After six properties, he’s still hunting for more, and if you’re looking for higher cash flow rentals, this is a strategy you should definitely try. In This Episode We Cover: How to quit your job and become a full-time real estate investor with “coliving” Coliving explained and why it is NOT the same as renting by the room Miller’s exact “buy box” and what makes a property perfect for coliving Marketing your rooms online and how to quickly screen tenants without taking a hundred phone calls Handling tenant conflict and what to do when roommates aren’t getting along The easiest (and arguably cheapest) way to invest in your first coliving property And So Much More! Links from the Show Ashley's BiggerPockets Profile Tony's BiggerPokckets Profile Join BiggerPockets for FREE Real Estate Rookie Facebook Group Real Estate Rookie YouTube Miller’s Instagram Supply Mate Start Your Real Estate Portfolio with “The House Hacking Strategy” Find an Investor-Friendly Agent in Your Area What is Co-Living and How Can It Help Your Multifamily Property? Connect with Miller (00:00) Intro (03:09) Quitting His Job! (07:01) Current Portfolio + Coliving 101 (16:56) How to Handle Coliving (24:16) Marketing Your Rooms (26:11) Screening Roommates (34:26) Full-Time Investor Life! (36:13) Tips to Start Coliving (37:32) Connect with Miller! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-486 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Ever wondered how some investors are maximizing cash flow in today's competitive real estate markets.
0:06.1	Today's guest has cracked the code with a unique strategy, co-living.
0:10.4	By creating shared community-oriented spaces, he's achieving impressive cash-on-cash returns that outperform
0:17.6	traditional rentals.
0:19.2	Tune in to learn why co-living might just be the ultimate strategy for real estate investors
0:23.9	looking to boost their returns and how it could work for you too.
0:32.8	This is the Real Estate Rookie Podcast.
0:35.4	I'm Ashley Care and I'm here with Tony J. Robinson.
0:39.3	And welcome to the podcast where every week, three times a week, we bring you the inspiration,
0:44.0	motivation, and stories you need to hear to kickstart your investing journey. And today,
0:48.2	super excited to welcome Miller McSwain to the podcast. Miller, thanks so much for jumping on with
0:52.8	this today, brother. Yeah, thanks for having me. I'm stoked to talk all about co-living.
0:56.0	Yeah, Miller, before co-living even became involved in your life, give us a snapshot of what you were doing before real estate.
1:03.4	Yeah, so before real estate, I was a nuclear rocket scientist. So interesting title, very hard to do. And so I'm glad that I've since transitioned
1:13.1	to being full-time real estate. But yeah, so that's what I was doing before this. It was a great
1:17.0	W-2 that kind of got us started as far as that was great income that we could use to buy our first
1:21.4	handful of house hacks that turned into a larger portfolio down the road. But that was kind of
1:25.4	the kickstart that gave us our initial
1:27.7	portfolio. And Miller, why did you decide to choose real estate as the wealth vehicle that
1:34.2	you wanted to dump that money into compared to all the other investments there are out there?
1:39.5	It wasn't the original idea. Whenever I was in high school, I had a coach who was teaching economics,
1:44.8	and he did not teach economics at all. He just threw Dave Ramsey videos up on the board.
	...

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